COMMERCIAL.

Star (Christchurch), Issue 16818, 22 August 1922, Page 7

COMMERCIAL.

WANGANUI WOOLLEN MILLS.

DIRECTORS’ REPORT AND BALANCE-SHEET. The foil owing is the report and balancesheet issued to the shareholders of Wanganui Woollen Mills. Limited, to be presented at the second annual general meeting of shareholders on August- 30, at 2.30 p.m.: “ In presenting the second annual general report and balance-sheet, your directors regret having again to refer to the difficult financial times through which the world is stilli passing. Conditions are gradually becoming more stabilised, and it. is hoped that by next summer we shall see a still bigger improvement. “ Your directors, during the past year, have given the affairs of the oompany anxious consideration, and have now finally decided to make a. forward move. With this end in view, at gentleman, highly recommended. who has held very responsible positions in the woollen trade at Home, has been engaged hy the company as manager. and will arrive in New Zealand in September. A comprehensive policy for the company will then l>e settled. a.nd it is anticipated that building operations and the ordering of machinery will be taken in hand. “The two years' delay which has token place has. in the opinion of the directors, saved shareholders ninny thousands of pounds. Tn the early part of the year your directors found that machinery had not dropped in price, owing to the makers having a. number of unfilled orders on their books. They consecpiently postponed consideration for a few months, and. on again reviewing the position, found that machinery could then be order'd at a big reduction in prices and was still falling. From advices received from Home it would appear advisable to order machinery shortly. “ The directors were further influenced bv the fact that it was inadvisable to make calls on shareholder? during the strenuous financial times through which we have been passing. ‘‘The deposit of £12.500 with the Wanganui Borough Council, which appears in the balance-sheet presented herewith, has since boon paid. £IO.OOO of same has been placed on fixed deposit with the National Bank of New Zealand. Ltd., and the balance used to clear off the bank overdraft. “The profit anti loss ao-v.i't shows a credit of £SB9 10s id, which the directors recommend shall be applied as follows: 1. Reserve for land and income tax. £IOO. 2. "Reserve for audit fee for past year. 3. That the balance be written off preliminary expenses and brokerage account. “It is with regret that your directors have to record the death of Mr John Stevenson, one of your directors. “ Your present directors are: Messrs W. ■T. Poison. G. N. Baggett. S. M. Davis. J. A. Doherty. P. Biggin bottom. G. L. Mar shall, Alan Robinson and Robert Russell. Messrs Marshall and Poison now retire under the articles of association, but are eligible for re-election. The vacancy caused by the death of'Mr J. Stevenson was filled by the appointment of Mr Robert Russell, of Wanganui. “ Nominations for the vacancies must be in the hands of the secretaries fourteen (14) dayp before the date of the annual meeting. “ You will be required to elect an auditor and fix his remuneration. Mr IT. Hague Smith is the present auditor, and unde-' article 130 of articles of association ts not eligible for re-election. Nomina ions for the position must be in the hands of the secretaries fourteen (14) days before the date of the annual meeting.- For the directors. W. J. POl.fi - Ch ’<*inan Wanganui. July 21. 1022. BALANCE-SHEET AS AT JUNE 30, 1922.

HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated August 19, from the High Commisisoner for New Zealand, London: MEAT. There is a better tone in the market for New Zealand mutton, but prices are the same as last quotations, except for ewe? Supplies of South American mutton are smaller. The lamb trade, is steady, the demand being chiefly for light-weight. There are only slow sales for heavy-weight Chilled beef is in small supply at higher prices. New Zealand ox beef in small supply. Present quotations are:—New Zealand mutton—light-weight 6d-63<U medium 5g d--6id, heavy-weight, 4id-sid. Ewes — 4§d-4}d. New Zealand Lamb—Best quality, lightweight lld-1 lid. medium lOgd-lld. heavyweight 10cl. ordinary Second class quality 10£>d-10dd. New Zealand Beef—Ox hinds 4j{d. fores 3d. Chilled Beef—Rinds 7id. fore* 3*l. BITTER There has been good demand throughput

week, and prices have advanced. The present quotations are:— New Zealand—Unsalted 220a-‘224s per cwt (Is l]t;d-2s per lb.) Salted 208b-208s, up to 210 s per cwt (Is lOd. Is IOJd, Is 10Jd per lb.) Australian—Unsalted 208 s per cwt (Is 10$d per lb.' Salted J9Bs-200s per cwt (13 9sd. Is 9id per lb.) Argentine—2o2s-212b per cwt (Is 93d, Is 10£d per lb.) Irish—Creamery 3945-202 s per cwt (Is B|d, Is 93d per lb.) Danish—2l4s-216s per cwt (Ift 103 d. Is lid per lb.) French—2o6s-216 per cwt, (Is lOd, 3s lid per lb.) CHEESE. The market is steadier, and prices have advanced. Official quotations are:— English—Finest farmers’ 108s-116s per cwt (Hid, Is Oid per lb.) Canadian-Coloured 84s-88s per cwt (9d, 9id per lb.) White 88s-92s per cwt (9id, lOd per lb.) New Zealand—Coloured 84s-86 per cwt (9d, 9sd per lb.) White 90s-92s per cwt (93d. lOd per lb.) HEMP. The Manila market is quiet and steady. “ J ’’ grade August-October shipments were sold at £32 per ton. Sellers’ present quotations are G " grade August-October shipments £34 15s, "TT " grade AugustOctober shipments £33 15s. “J ’’ grade August-October shipments £32 ss. The New Zealand market is quiet, but firmly held. High-points spot- sold at £34 per ton. Sellers quote Angust-Octobe?.ship-ments higli-points £33 ss. fair £3l 10s. WOOL. This is Bradford holiday week, hence business is very quiet. Values for fine tops arc nominally maintained. Present quotations are: 64's (merino) is Bd, 56’s (super half-bred) 2s 7d. 40’s (coarse cross-bred) prepared 1b IJd. Some uncertainty is caused by the political situation and commercial position of Germany. F.GGS. Prices firmer owing to better demand and smaller arrivals. English. French, Irish. Danish, Dutch 14s 6d to 18s: Polish and Lithuanian 10s 6d to 13s. STOCK EXCHANGES. CHRISTCHURCH. The following are the latest quotations :

TjI ABILITIES £ s cl £ d Authorised Capital 200.000 Shares of-. £I each . 200,000 0 Less unallotted 0 shares . . 8,535 0 0 Subscribed Cap!tal . 101,405 0 0 Desa Uncalled Capital . . 158,172 0 0 86,293 0 0 Less Allotment Money Unpaid . 21S 0 o 36,075 0 0 Add Calls Paul in Advance . . 1.052 12 0 Paid-up Capital Forfeited Shares He39,127 12 0 serve Account . 200 0 National Bank of N.Z. 1,442 3 JO Sundry Creditors Profit and Lose Ap34 3 4 propriation Ac. 689 10 1 £41 ,G93 9 3 A S8ETS. £ s d £ e d National Bank of N.Z.. fixed deposit 15.000 O 0 Add Int. Accrued 202 3 10 3 10 "Wanganui Boromrh Council, Tempornrv I.oan P5.500 0 0 Add Int. Accrued 1S7 10 0 in "Freehold Property. Aramoho Preliminary Ex3,422 13 6 penses and Brok10,339 12 9 Office Furniture 30 12 6 Bent Accrued i 10 16 8 £41.633 9 3 PBOFTT AND LOSS ACCOUNT FOR PERIOD ENDED JUNE 30. '192*2. LIABILITIES. £ d 19-22 June 30: f To Secretarial and Audit Fees, License Fee. Printing ar id Stationery. Kates, etc. ., Net. Profit to Profit, and Lo 568 11 2 Appropriation Account 861 4 0 £1414 15 2 ASSETS. £ d 1922- June 30 By Interest .... . 1371 18 6 .. Bent 4-2 1 8 Transfer Fees 0 15 0 £1414 lo 2 PROFIT AND DOSS APPROPRIATION ACCOUNT. / LIABILITIES. £ d 1923—June 30: To Balance down 889 10 1 £889 10 1 ASSETS. £ p <1 19-21—July 1: By Balance . 43 6 1 1922 June 30: 3922—Juno 30- By Profit, fro m Profit and Lose Account 6-16 4 0 £889 10 1 192*2 July 1: By Balance down . £889 10 1

Buvers. Seller £ d. £ N.Z GOVT. DEBENTURES •l£ p.c. Inscribed. .1038 95 17 6 5 p.c. Inscribed. 1027 95 10 5 p.c. Ronds. 1927 95 12 f>4 p.c. Inscribed. 1933 99 0 100 0 0 5i p.c. Bonds. 1933 . DEBENTURES— 99 6 Christchurch Gas, 5^ per cent, 1934 96 0 0 BANKS 13 0 0 13 10 0 National of N.Z. 5 18 6 6 0 New South M ales (new) 35 15 0 New Zealand Roval (£1 paid) 1 3'2 6 16 4 Royal (£4 paid) 6 6 Union of Australia . INSURANCE— 1-2 19 3 National 6 New Zealand 0 South British b Standard (cum div.* LOAN AND AGENCY— 1 11 Dalgety and Co. Goldsbrough Mort. National Mortgage SHIPPING— Adelaide Steamship . FROZEN MEAT - 1 1 0 Canterbury N.Z. Refrigerating 13 11 0 13 12 6 (£1 paid) . N.Z. Refrigerating 1 0 11 (10s paid) 0 CCAIi— West port WOOLLENS — 1 31 3 Kaiapoi <£1 paid. cum div.) Kaiapoi (10s paid. 12 cum div.) GAS— Christchurch BREWERIES— 7 14 0 7 15 0 Crown 1 11 3 1 13 Ward CEMENTS— 1 ° 1 Wilsons N.Z. Portland 0 18 11 1 0 .MTSCELL AN EOUS— Beath and Co. 1 10 0 Booth. Macdonald 0 14 6 Booth, Macdonald <"0 per cent, cum pref.' Booth. Macdonald to 3 ; N 0 15 6 per cent, cum pref.) 0 19 0 P.I.C. ... Henry Jones Co-op. . Mason. Rtruthers (£l 1 16 * 0 13 0 N.Z 3 ''sugar of Milk i 3 0 1 4 0 (cum div.) i 11 6 1 13 0 United Pictures 1 4 0 Sale on ’Change:—TTuddart-Pnrker, Us. Li!